AMD
Advanced Micro Devices, Inc.
AMD has the edge over CIEN overall, supported by stronger valuation and stronger fundamentals.
CIEN
Ciena Corporation
CIEN has slightly lower modeled downside risk, despite its lower overall score.
AMD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
AMD's revenue, profitability, cash flow and balance sheet are all currently strong.
CIEN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
CIEN's revenue, profitability, cash flow and balance sheet are all currently healthy.
AMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 39x | $585 | — |
| Cheap | 40x | $182 | -69% |
| Fair | 112x | $514 | -12% |
| Current | 127x | $585 | — |
| Expensive | 206x | $947 | +62% |
Historical ranges are pointers, not guarantees.
AMD's PE is in its fair range at 127x. If earnings grow as analysts expect, today's price would be 39x next year's earnings, in its cheap range.
CIEN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $94.56 | -68% |
| Forward | 24x | $294 | — |
| Fair | 32x | $142 | -52% |
| Current | 66x | $294 | — |
| Expensive | 133x | $595 | +103% |
Historical ranges are pointers, not guarantees.
CIEN has the edge over AMD in the historical PE scenario, which offers more potential upside but is not a forecast.
AMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Low |
Analysts expect strong earnings and revenue growth for AMD, with profitability improving. However, they disagree widely on these estimates.
CIEN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for CIEN, with profitability improving. However, they disagree widely on these estimates.
AMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.05 | +227% |
| Q3 2026 | $4.60 | +127% |
| Q2 2026 | $3.89 | +122% |
| Q1 2026 | $3.05 | +123% |
| Q4 2025 | $2.65 | +165% |
| Q3 2025 | $2.03 | +81% |
| Q2 2025 | $1.75 | +111% |
| Q1 2025 | $1.37 | +99% |
| Q4 2024 | $1.00 | +89% |
AMD has the edge over CIEN on earnings, with more consistent year-over-year improvement.
CIEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.01 | +168% |
| Q3 2026 | $4.48 | +357% |
| Q2 2026 | $3.00 | +311% |
| Q1 2026 | $1.57 | +185% |
| Q4 2025 | $0.85 | +47% |
| Q3 2025 | $0.98 | +4.3% |
| Q2 2025 | $0.73 | -30% |
| Q1 2025 | $0.55 | -64% |
| Q4 2024 | $0.58 | -66% |
CIEN's earnings per share have jumped to their highest in seven years: $4.48 over the past year, up from $0.98 the year before.
AMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13.4B | +45% |
| Q2 2026 | $11.5B | +50% |
| Q1 2026 | $10.3B | +38% |
| Q4 2025 | $10.3B | +34% |
| Q3 2025 | $9.2B | +36% |
| Q2 2025 | $7.7B | +32% |
| Q1 2025 | $7.4B | +36% |
| Q4 2024 | $7.7B | +24% |
AMD has the edge over CIEN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +7.4 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 14% | +3.6 points |
| Q4 2025 | 17% | +5.7 points |
| Q3 2025 | 14% | +3.1 points |
| Q2 2025 | -1.7% | -6.4 points |
| Q1 2025 | 11% | +10 points |
| Q4 2024 | 11% | +5.8 points |
AMD has the edge over CIEN on profitability, with a higher operating margin.
CIEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +37% |
| Q2 2026 | $1.6B | +40% |
| Q1 2026 | $1.4B | +33% |
| Q4 2025 | $1.4B | +20% |
| Q3 2025 | $1.2B | +29% |
| Q2 2025 | $1.1B | +24% |
| Q1 2025 | $1.1B | +3.3% |
| Q4 2024 | $1.1B | -0.5% |
CIEN's revenue has grown year over year for seven quarters in a row: $1.7B last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +12 points |
| Q2 2026 | 15% | +12 points |
| Q1 2026 | 13% | +5.8 points |
| Q4 2025 | 0.8% | -4.5 points |
| Q3 2025 | 6% | +3.2 points |
| Q2 2025 | 2.9% | +3.4 points |
| Q1 2025 | 7.5% | -0.6 points |
| Q4 2024 | 5.3% | -2.8 points |
CIEN's operating margin was 18% last quarter, up 12 points from the same quarter a year ago, near the top of its range since 2019.
AMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $554M | -71% |
| Q2 2026 | $1.6B | -9.9% |
| Q1 2026 | $2.6B | +253% |
| Q4 2025 | $2.4B | +118% |
| Q3 2025 | $1.9B | +283% |
| Q2 2025 | $1.7B | +294% |
| Q1 2025 | $727M | +92% |
| Q4 2024 | $1.1B | +351% |
AMD generated $7.1B in free cash flow over the past year, up 30% from the year before.
CIEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $116.3M | -14% |
| Q2 2026 | $218.7M | +71% |
| Q1 2026 | $153.8M | +100% |
| Q4 2025 | $325.6M | +23% |
| Q3 2025 | $134.6M | +$313.6M |
| Q2 2025 | $128.2M | +208% |
| Q1 2025 | $76.8M | -69% |
| Q4 2024 | $265.8M | +54% |
CIEN generated $814M in free cash flow over the past year, up 35% from the year before.
AMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2M shares |
| 1 year | +1.2% | +20M shares |
| 3 years | +2% | +32M shares |
| 5 years | +35% | +431M shares |
| Available history | +40% | +473M shares |
AMD has 1.7B diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $221M |
| Q4 2025 | — |
| Q3 2025 | $89M |
| Q2 2025 | $478M |
| Q1 2025 | $749M |
| Q4 2024 | $256M |
AMD has spent almost nothing on buybacks in the past year.
CIEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -347K shares |
| 1 year | +1% | +1.5M shares |
| 3 years | -2.7% | -4M shares |
| 5 years | -6.9% | -10.8M shares |
| Available history | -7.4% | -11.6M shares |
CIEN has the edge over AMD on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $173M |
| Q2 2026 | $84.4M |
| Q1 2026 | $80.5M |
| Q4 2025 | $84.5M |
| Q3 2025 | $81.8M |
| Q2 2025 | $87M |
| Q1 2025 | $81.2M |
| Q4 2024 | $128.7M |
CIEN spent $422M buying back its own shares over the past year, up 12% from the year before.
AMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2020 | -1.0x | Net Cash |
| Q1 2020 | -0.8x | Net Cash |
| Q4 2019 | -1.2x | Net Cash |
AMD has more cash than debt.
CIEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.9x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
CIEN's net debt is less than a year of its operating earnings (EBITDA), down from 1.3 years a year ago.
AMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.3 | Neutral |
| Stochastic | 41.4 | Neutral |
AMD's weekly RSI is 59 (neutral) and its Stochastic is 41 (neutral).
CIEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.5 | Neutral |
| Stochastic | 14.1 | Oversold |
CIEN's weekly RSI is 43 (neutral) and its Stochastic is 14 (oversold).
AMD PE vs Technology Sector
| Metric | AMD | Sector median | Relative |
|---|---|---|---|
| PE | 127x | 28x | 357% above |
| PE % | 61 | 35 | 26 pts above |
AMD is trading at 127x earnings, a 357% premium to the Technology sector's median of 28x.
CIEN PE vs Technology Sector
| Metric | CIEN | Sector median | Relative |
|---|---|---|---|
| PE | 66x | 28x | 136% above |
| PE % | 70 | 35 | 35 pts above |
CIEN has the edge over AMD on valuation relative to its sector.
AMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $557.2 | 5.1% above |
| 20 week MA | $525.9 | 11% above |
| 50 week MA | $389.7 | 50% above |
| 100 week MA | $266.9 | 119% above |
| 200 week MA | $199.6 | 193% above |
AMD has the edge over CIEN on trend strength, trading above more of its moving averages.
CIEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $338.6 | 13% below |
| 20 week MA | $368.5 | 20% below |
| 50 week MA | $375.1 | 22% below |
| 100 week MA | $238.4 | 23% above |
| 200 week MA | $144.4 | 104% above |
CIEN has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 104% above its 200-week average.
AMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.2 | $91.8 | +99% |
| 2021 | $91.8 | $146.1 | +59% |
| 2022 | $146.1 | $64.5 | -56% |
| 2023 | $64.5 | $147.4 | +128% |
| 2024 | $147.4 | $125.2 | -15% |
| 2025 | $125.2 | $215.0 | +72% |
| 2026 YTD | $215.0 | $585.3 | +172% |
AMD has the edge over CIEN on returns for 2026, with the stronger performance.
CIEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $42.7 | $53.3 | +25% |
| 2021 | $53.3 | $76.0 | +43% |
| 2022 | $76.0 | $49.3 | -35% |
| 2023 | $49.3 | $45.0 | -8.8% |
| 2024 | $45.0 | $86.7 | +93% |
| 2025 | $86.7 | $241.7 | +179% |
| 2026 YTD | $241.7 | $294.0 | +22% |
CIEN has finished higher in four of the last six years, two of them by more than 50%. It's up 22% so far in 2026.